Exemptions

These are exemptions that students holding qualifications from the listed awarding bodies can apply for because they have prior knowledge of the study material.

ASSOCIATION OF CHARTERED CERTIFIED ACCOUNTANTS (ACCA)

Students and Affiliates from Association of Chartered Certified Accountants (ACCA), might be eligible to apply for the following credits. These are credits that ICAM in collaboration with the Institute of Chartered Accountants in England and Wales (ICAEW) have agreed on. You will recall that ICAM is being supported by ICAEW which is a leading global accountancy body in setting up this qualification.

AVAILABLE CREDITS

Subject (ICAM)

Qualifiers and Criteria (ACCA)

B6

Business Strategy

P1

Governance, Risks and Ethics

P3

Business Analysis

B5

Public Sector & Finance

P6

Advanced Taxation

B4

Tax Compliance

P6

Advanced Taxation

B3

Audit & Assurance

P7

Advance Audit and Assurance

P1

Governance, Risk and Ethics

B2

Financial Accounting & Reporting

F7

Financial Reporting

P1

Governance, Risk and Ethics

P2

Corporate Reporting

B1

Financial Management

F9

Financial Management – If you have

received a converted pass in F( you will also

need paper P4 Advanced Financial

Management.

P1

Governance, Risk and Ethics

P7 Business & Finance

F1

Accountant in Business

F3

Financial Accounting

P6 Principles of Taxation

F6

Taxation

P5 Assurance

F8

Audit and Assurance

P3 Management Information

F2

Management Accounting

P2 Legal Framework

F4 Corporate and Business Law

P1 Accounting Framework

F3 Financial Accounting

Available credits for Certified Accounting Technician from ACCA

Subject (ICAM)

Qualifiers and Criteria (ACCA)

P1 Accounting Framework

Completion of CAT including modules

FA1 recording Financial Transactions

FA2 Maintaining Financial Records

FFA Financial Accounting

P3 Management Information

Completion of CAT, including modules

MA1 Management Information

MA2 Managing Cost and Finance

FMA/F2 Management Accoutning

P5 Assurance

Completion of CAT qualification, Including

Modules

FAU Foundations in Audit (CAT)

P7 Business & Finance

Completion of CAT

Available credits for those with Foundations in Accountancy from ACCA

Subject (ICAM)

Qualifiers and Criteria (ACCA)

P1 Accounting Framework

FA1 Recording Financial Transactions

FA2 Maintaining Financial Records

FFA Financial Accounting

P3 Management Information

MA1 Management Information

MA2 Managing Cost and Finance

FMA Management Accounting

P7 Business and Finance

FAB Accountant in Business

CHARTERED INSTITUTE OF MANAGEMENT ACCOUNTANTS (CIMA)

Holders of Certificates/qualification/passes obtained from the Chartered Institute of Management Accountants (CIMA), might be eligible to apply for the following credits. These credits have been agreed upon by ICAM and the Institute of Chartered Accountants in England and Wales (ICAEW). ICAM is being supported by ICAEW which is a leading global accountancy body in setting up the Chartered Accountant Malawi (CA (M)) qualification.

AVAILABLE CREDITS FOR CIMA 2010 SYLLABUS PROFESSIONAL QUALIFICATION

Subject (ICAM)

Should have passed the following papers in

CIMA

B6 Business Strategy

F2 Financial Management

P1

Performance Operations

P2

Performance Management

P3

Performance Strategy

E1 Enterprise Operations

E2 Enterprise Management

E3 Enterprise Strategy

B1 Financial Management

F2 Financial Management

F3

Financial Strategy

P1

Performance Operations

P3

Performance Strategy

P7 Business & Finance

F1 Financial Operations

F2

Financial Management

P1

Performance Operations

P2

Performance Management

P3

Performance Strategy

E1 Enterprise Operations

E2 Enterprise Management

P3 Management Information

F2 Financial Management

P1

Performance Operations

P2

Performance Management

P1 Accounting Framework

F1 Financial Operations

F2

Financial Management

AVAILABLE CREDITS FOR CIMA 2005 SYLLABUS PROFESSIONAL QUALIFICATION

Subject (ICAM)

Should have passed the following papers in CIMA

B6 Business Strategy

Integrated Management

Management Accounting Business Strategy

Organizational Management and Information Systems

B2 Financial Accounting & Reporting

Financial Accounting and Tax Principles

Financial Analysis

B1 Financial Management

Management Accounting Decision Making

Management Accounting Risk and Control Strategy

Management Accounting Financial Strategy

P7

Business and Finance

Certificate in Business Accounting

P3

Management Information

Certificate in Business Accounting

Management Accounting Decision Making.

P1

Accounting Framework

Certificate in Business Accounting

AVAILABLE CREDITS FOR CIMA 2011 SYLLABUS CERTIFICATE IN BUSINESS

ACCOUNTING

Subject (ICAM)

Should have passed the following papers in

CIMA

P1

Accounting Framework

Certificate in Business Accounting

P7

Business and Finance

Certificate in Business Accounting

AVAILABLE CREDITS FOR CIMA 2005 SYLLABUS CERTIFICATE IN BUSINESS

ACCOUNTING

Subject (ICAM)

Should have passed the following papers in

CIMA

P1

Accounting Framework

Certificate in Business Accounting

P7

Business and Finance

Certificate in Business Accounting

OTHER AWARDING BODIES

The Institute of Chartered Accountants in Malawi (ICAM) wishes to inform prospective students who hold passes in examinations administered by the under-listed examining /professional bodies that they can register with ICAM and gain exemptions as follows:

NAME OF INSTITUTION AND PAPER PASSED

EXEMPTION GRANTED BY ICAM

Institute of Commercial Managers (ICM)

Exempted Business Communication (FA1) at

Certificate in Financial Accounting (CIFA).

International Business Communications

Pitman

Book-keeping Level 2

Exempted Business Accounting (FA4) at Certificate

in Financial Accounting (CIFA).

Royal Society of Arts (RSA)

Business Accounting (FA4) at CIFA

Book-Keeping 1 & Accounting II

Accounting/1 (TC1) at Technician Level

London Chamber of Commerce and Industry

(LCCI)

Business Accounting (FA4) at CIFA

i.

Practical Book-keeping

Accounting/1 (TC1) at Technician Level

ii. Book-keeping & Accounting

INSTITUTE OF COMMERCIAL MANAGERS (ICM)

Subject to be exempted from at Technician level

i.

Accounting 1

i.

Accounting/1 (TC1)

ii.

International Business Communication

ii.

Communication (TC2)

iii.

Numeracy & Accounting

iii.

Business Maths & Statistics (TC3)

iv.

Economics for Business

iv.

Economics (T5)

v.

Business Law

v.

Business Law (TC8)

vi. Management Theory & Practice

vi. Management (TC11)

Institute of Bankers

Certificate in Banking (IOB)

All CIFA subjects and Accounting/1 (TC1) and

Communication (TC2) at Technician.

Association of Business Executives

i.

Level 4

i.

All CIFA subjects Accounting/1 (TC1) and

Communication (TC2) at Technician.

·

All CIFA subjects

ii.

Level 5

·

Accounting /1 (TC1)

·

Communication (TC2)

·

Business Law (TC8)

iii.

Level 6

·

All CIFA subjects

·

Accounting /1 (TC1)

·

Communication (TC2)

·

Economics (TC5)

·

Business Law (TC8)

Pitman

Accounting Level 3

Accounting/1 (TC1)

Association of Computer Professionals (ACP)

ACP Diploma

Information Systems

Institute of Company Accountants (IcomA)

i.

Financial Accounting 1

i.

Accounting/1 (TC1)

ii.

Economics & Business Environment

ii.

Economics (TC5)

iii.

Information Technology

iii.

Information Systems

Certified Accounting Technician (CAT – ACCA)

Technician diploma

·

Recording Financial Transactions &

·

Accounting/1

Maintaining Financial Records

·

Information for Management Control

·

Communication

·

Managing People and Systems

·

Information Systems

Foundations in Accountancy from ACCA

·

Recording Financial Transactions (FA1

·

Accounting Framework (P1)

·

Maintaining Financial Records (FA2)

·

Financial Accounting (FFA)

·

Successfully passing the Foundation

·

Business and Finance

·

Successfully passing all modules listed

·

Management Information

below

§

Management Information (MA1)

§ Managing Cost and Finance (MA2)

§

Management Accounting (FMA)

Association of Accounting Technicians (AAT)

based on 2010 qualification onwards.

·

Level 3 Accounts Preparation 1 & II

·

Accounting

· Level 4 Financial Statements

·

Level 4 External Auditing

·

Assurance

·

Level 2/3 Professional Ethics in

·

Business and Finance

Accounting and Finance

· Level 3 Cash Management

· Level 3 Costs and Revenues

· Level 4 Financial Performance

·

Level 3 Cash Management

·

Management Information

· Level 3 Costs and Revenue

·

Level 4 Budgeting

· Level 4 Financial Performance

Association of Accounting Technicians (AAT)

based on 2013 qualification onwards.

·

Level 3 Accounts Preparation

·

Accounting

· Level 3 Prepare Final Accounts for Sole

Traders and Partnerships

· Level 4 Financial Statements

·

Level 4 External Auditing

·

Assurance

·

Level 3 Professional Ethics

·

Business and Finance

· Level 3 Costs and Revenues

· Level 4 Financial Performance

· Level 3 Costs and Revenue

·

Level 4 Budgeting

·

Management Information

·

Level 4 Financial Performance

NOTE:

Students applying for the Technician diploma need to have credit passes in English and Mathematics on their Malawi School Certificate of Education (MSCE).

Holders of the Public Accountants Examination Council of Malawi (PAEC) Foundation Stage Certificate and wish to obtain the Institute of Chartered Accountants in Malawi Technician diploma will be offered exemptions from eight subjects namely: Accounting/1(TC1), Communication (TC2), Business Mathematics & Statistics (TC3), Information Systems (TC4), Economics (TC5), Business Law (TC8), Management (TC11) and Company Law (TC12). As such, they will only sit

Accounting/2 (TC6)

Auditing (TC7)

Costing and Budgetary Control (TC9)

Taxation (TC10)

3.Grades from International General Certificate of Secondary Education (IGSCE) are equated to the Malawi School Certificate of Education as follows: